Bitcoin Market Update: Bulls Double Down as Fed Maintains Rates

AI Summary:

Bitcoin stays strong above $96K as traders anticipate continued upward momentum following the Fed’s May 7 rate decision.

Bullish Momentum Builds: $189M in Longs Opened Ahead of Fed Meeting

Bitcoin (BTC) surged past $96,000 as traders ramped up margin long positions in anticipation of the Federal Reserve's interest rate announcement. On May 7, the Fed left rates unchanged at 4.25%–4.50%, a move widely expected by the market. However, the central bank’s warnings about rising inflation and potential unemployment suggest heightened market volatility ahead.

Futures market data reveals that bullish traders began opening long positions around the $94,400 mark, forming a notable cluster of buy interest. This pattern closely resembles the surge in late April that drove BTC to a local peak of $97,500.